Bahrain’s AlAbraaj Restaurants, a publicly traded catering firm with a market cap of $24.22 million, has announced its adoption of a Bitcoin treasury strategy. This strategic move is in collaboration with investment firm 10X Capital, according to a May 15 announcement.
AlAbraaj Restaurants Group, taking inspiration from top corporate Bitcoin holder MicroStrategy (previously known as Strategy), is making a similar move into Bitcoin (BTC) treasury. The company also expressed interest in providing Sharia-compliant access to Bitcoin in the Islamic world.
“Our decision to become a Bitcoin treasury company mirrors our progressive outlook and our dedication to enhancing shareholder value,” stated Abdullah Isa, the head of AlAbraaj’s Bitcoin Treasury Committee.
Isa further noted that the company is of the belief that “Bitcoin will have a significant part in shaping the future of finance.” He particularly mentioned Strategy’s legacy as being a source of motivation.
AlAbraaj Restaurants Group has made an initial purchase of 5 BTC and announced plans to continue accumulation. This decision is apparently a reaction to the changing financial landscape and a growing institutional interest.
The firm’s collaboration with 10X Capital aids in their seamless entry into the Bitcoin market and the management of digital asset treasury. Recently, the same company provided advice to Nakamoto during its $710 million fundraising event.
AlAbraaj Restaurants Group is looking forward to leveraging 10X Capital’s expertise to raise more capital for acquiring additional Bitcoin, thereby increasing the BTC-per-share ratio for investors. 10X Capital’s CEO, Hans Thomas, pointed out that this deal opens up potential Bitcoin exposure to the entire Gulf Cooperation Council.
